The following is a summary of the Goodfood Market Corp. (GDDFF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Goodfood Market Corp. recorded a positive adjusted EBITDA for the fifth consecutive quarter, totalling $3.5 million and a margin of 9%.

• Total adjusted EBITDA for the past 12 months reached $9 million, a significant leap from a $12 million loss in the previous period.

• Goodfood experienced positive cash flows in Q2, with $4.3 million in H1 2024, representing an $11 million improvement from H1 2023.

• The company markedly reduced its net leverage by 70% from over 8 turns to slightly over 2 turns within nine months.

• Gross margins maintained a consistent level around 40%, with an SG&A expense reduction surpassing $9 million compared to H1 2023.

• The net sales were down by 5% YoY to $39.8 million.

Business Progress:

• GoodFood's central Meal Kit business witnessed growth with improved user experience resulting in the largest average basket size in the company's history.

• The company has shown signs of improvement in YoY net sales progression, recorded at a 5% decline this quarter.

• Initiatives to amplify customer value are being implemented to stimulate top-line growth.

• With growing profitability, Goodfood aims to invest in automation and AI technology to decrease costs and enhance operational consistency.

• New strategic measures have been deployed including offering a wider variety of customizable recipes to cater to the growing demand for healthy meals.

• Goodfood plans on exploring new growth avenues, possibly through strategic acquisitions, to maximize its established assets, customer base, and footprint.

More details: GOODFOOD MARKET CORP IR

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